One of the more challenging realities of becoming an actor is that it can and will get expensive. The cost of classes, pictures, marketing, demo reels, scripts, theater company dues and union initiation fees and dues, showcases, etc. etc., etc. adds up big time. Even participating in graduate films and small theater will necessitate spending some money on wardrobe, make-up, and props not to mention gas and parking fees.
The sobering news is that almost any other profession you choose will probably cost you much more, however, with most other professions you would have a somewhat better chance of earning a steady income, -unless you are in the 5% who can make acting a career.
When embarking on other professions, you would have a good idea of all the necessary expenses (click here) for your training, start up business costs and the money you would need to get you through the first few years. Unfortunately, most new actors don’t stop to consider all the costs involved with the necessary training and marketing or have a plan to finance their career. Often that means major obstacles are in place before they even get started.
Some get lucky and fall into situations and opportunities that help make it easier. Some have rich families or influential friends. Nevertheless, new actors must “get real” and go into this business as if it were a business. (It is easier to get lucky when you are knowledgeable and have a plan). I STRONGLY suggest that you put together a financial structure.
For more detailed info on Spending, Saving and Earning money for your acting and performing career, check into Carolyne’s book HitTheGroundRunning.